Dealing with a Legal Challenge? Don't wait. Ask your legal question for free. Urgent legal matters require immediate attention!

Protecting Assets in the Face of a Civil Lawsuit: What You Need to Know

This legal question related to civil litigation & trial law attorneys in AshevilleNorth Carolina has been answered.

Advertisements
Location: Asheville  |  Law type: civil litigation & trial law attorneys
Solved

Can someone transfer their assets out of their name if they are being sued in civil court, prior to a court date? 

Mr elderly father is being sued for a 3 year old auto accident in which he received a citation for the accident. Both he and the plaintiff had their automobiles totaled. Both gentleman were taken to the emergency room and were released as being uninjured. Three years later the plaintiff has maxed out all insurance payments and is now seeking to sue. Is there any way to protect my fathers assets?

Commonly posted questions...

I need an attorney for defamation of character
1 year ago, civil litigation & trial law attorneys, Elko
Civil suit filings
1 year 2 months ago, civil litigation & trial law attorneys, Romney

Legal Solution

The response provided below is specific to civil litigation & trial law attorneys in the jurisdiction of Asheville. If the response is inadequate, please submit a detailed inquiry.

Protecting Assets in the Face of a Civil Lawsuit: What You Need to Know

In the event of a civil lawsuit, especially one stemming from an auto accident, asset protection becomes a primary concern for many individuals. Being able to shield one's assets legally can help mitigate potential financial consequences. However, transferring assets specifically to avoid legal judgments can have repercussions.

Relevant Legal Provisions in Asheville

  • North Carolina General Statutes Chapter 1 - Civil Procedure
  • North Carolina General Statutes Chapter 39 - Acts Barring Property Rights
  • North Carolina General Statutes Chapter 75 - Monopolies, Trusts, and Consumer Protection

For a more comprehensive view, you can visit the official website of North Carolina General Assembly.

Possible Solutions to the Presented Problem

  1. Asset Protection Trusts (APT): Establishing an APT in a state that allows for their creation can shield assets from future creditors. However, it is crucial that the establishment of such a trust does not have the intent to defraud present creditors.

  2. Insurance: Increasing one's liability insurance can act as a protective barrier between potential litigants and personal assets.

  3. Legal Consultation: It is vital to find the right lawyer specializing in asset protection and civil litigation in Asheville. They can offer guidance tailored to individual circumstances.

Pricing Estimates for Legal Services in Asheville

Service Average Cost
Initial Consultation $250 - $500
Asset Protection Planning $1,500 - $4,000
Defense for Civil Litigation (Auto Accident) $5,000 - $15,000
Creation of Trusts $2,000 - $5,000

Note: The costs presented are only averages and can vary based on the complexity of the case and the expertise of the lawyer. Asheville may have unique legal billing practices, such as capped fees for specific services.

Further Information Required

To provide more detailed guidance on your father's situation, we need additional details. Thus, it's crucial to:

  • Consult with a lawyer about the specifics of the case.
  • Understand the potential damages the plaintiff seeks.

Would you be interested in connecting with expert lawyers in Asheville? You can quickly compare lawyers in your area to find the best fit.

Questions for Consideration:

  • Was there any admission of guilt or liability after the accident?
  • Were there any witness statements or surveillance footage from the incident?
  • Did the plaintiff seek medical attention immediately after the accident?

Frequently Asked Questions

How soon should I seek legal advice after receiving a lawsuit notice?

It's recommended to seek legal advice immediately. Delays can impact the strategies available to defend against the lawsuit or protect assets.

Can assets be transferred to a family member?

While assets can be transferred, if done with the intention of defrauding creditors, it can be viewed as a "fraudulent transfer" and potentially be reversed.

What if I can't afford a lawyer?

You can look into legal aid options, or ask a free legal question on platforms that offer pro bono legal advice.

How long does a typical civil lawsuit last?

The duration varies, but many lawsuits can last from several months to a few years, depending on complexity, evidence, and court schedules.

Are there alternatives to court trials?

Yes, alternatives include mediation and arbitration. It's sometimes beneficial to settle out of court, saving both time and money.

Disclaimer

This content is for informational purposes only and does not establish an attorney-client relationship. It's always recommended to consult with a local attorney about your specific situation.

Written, answered, changed

Legal question "Protecting Assets in the Face of a Civil Lawsuit: What You Need to Know" has been changed 1 year 7 months ago. Demonstrate your legal skills and willingness to help and answer right now! Issue is related to the location of Asheville & area of law: civil litigation & trial law attorneys.
Latest reviews & rating
Can't believe there are no comments (answers) yet? You can be the first author. Let us know what you think and answer this question.. Write a comment

Respond to legal question!

Do you know the answer to a legal question that is related to the field of law called civil litigation & trial law attorneys? If you believe that you can advise the inquirer – in even the slightest way – do not hesitate and share your opinion in the comment section. This contribution concerns the location of Asheville and, therefore, it is important to post only comments that are relevant to this location. Do you have a similar or a different legal inquiry? Select the correct category, fill in all the required fields, and submit your post.

accident & property damage attorneys accountants-certified public administrative & governmental law... admiralty & maritime law attorneys adoption law attorneys adoption services attorneys antitrust law attorneys appellate practice attorneys arbitration & mediation attorneys arbitration services asbestos & chemical law attorneys automobile accident attorneys bankruptcy law attorneys bankruptcy services business litigation attorneys child custody attorneys child support collections civil litigation & trial law attorneys collection agencies collection law attorneys commercial law attorneys construction law attorneys consumer law attorneys contract law attorneys copying & duplicating service corporation & partnership law attorneys credit & debt counseling Criminal defense attorney disability services discrimination & civil rights law... divorce assistance divorce attorneys domestic violence attorneys drug charges attorneys dui & dwi attorneys employment discrimination attorneys family law attorneys federal law attorneys financial services franchise law attorneys general practice attorneys government offices immigration law attorneys insurance attorneys international law attorneys labor & employment law attorneys medical law attorneys medical malpractice attorneys paralegals patent (intellectual property) personal injury law attorneys probate (estate planning) probate law attorneys sex offense attorneys sexual harassment attorneys tax attorneys trademark & copyright law traffic law attorneys trusts & estate planning... wrongful death attorneys

Are you having trouble finding a reliable and highly-rated attorney in your area of residence? Does the endless process of browsing and comparing law firms annoy you? If so, simply skip this step and post your request (or a general legal question) in our Free Legal Advice Center. Then wait for a reply from our experienced legal advisors, consultants or even your chosen lawyers. You can inquire about anything concerning your case, as well as questions about judicial issues in your state.

Comments: answer this question

"Protecting Assets in the Face of a Civil Lawsuit: What You Need to Know"

Asheville civil litigation & trial law attorneys

The content of this field is kept private and will not be shown publicly.
About text formats
I agree with Terms & Privacy Policy
Image CAPTCHA
Enter the characters shown in the image.
Get new captcha!

Similar legal questions...

© 2016 explorelawyers.com